Newark, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 3.88 billion in 2022 high-voltage direct current power supply market will reach USD 8.37 billion by 2032. Global energy consumption has increased as a result of fast urbanization and industrialization. In the upcoming years, smart grids will rule the energy and power industries since they are more efficient and produce less power and carbon emissions. Given the rising exploration of offshore oil and gas fields, the need to develop subsea power transmission infrastructure will also propel the market's growth.
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Furthermore, the growing need to develop efficient high-energy transfer systems over long distances for diversified energy security, given the energy crisis in the aftermath of the Russia-Ukraine war, will also augment the market's growth. The expansion of the high-voltage direct current power supply market will also be aided by government subsidies and incentives for creating cutting-edge transformers, wires, cables, conductors, circuits, and switchgear that are strong, quick, affordable, dependable, and energy-efficient. This market will continue to expand because of the wide range of applications, which include electronics, appliances, lighting, heating, and cooling.
Key Insight of the High-voltage Direct Current Power Supply Market
The Asia Pacific region is expected to grow the fastest during the forecast period.
The increased financial investment required to build a smart grid and ensure energy security will help the market for local high-voltage direct current power supply. The area's quick industrialization and potent manufacturing, industrial, and commercial hubs will support the market's growth. Asia-Pacific is predicted to have the highest growth over the projected period due to the government's recent implementation of new regulations promoting the construction of smart power grids with high voltage direct current capabilities and lower transmission loss.
In 2022, the industrial segment dominated the market with the largest market share of 39% and market revenue of 1.51 billion.
The application segment is divided into telecommunication, medical, oil & gas, industrial, and others. In 2022, the industrial segment dominated the market with the largest market share of 39% and market revenue of 1.51 billion.
In 2022, the line commutated converters segment accounted for the largest share of the market, with 44% and a market revenue of 1.70 billion.
The technology segment is divided into line commutated converters, voltage source converters, and capacitor-commentated converters. In 2022, the line commutated converters segment accounted for the largest share of the market, with 44% and a market revenue of 1.70 billion.
In 2022, the more than 4000V segment accounted for the largest share of the market, with 64% and a market revenue of 2.48 billion.
The voltage segment is divided into less than 1000 V, 1000V-4000V, and more than 4000V. In 2022, the more than 4000V segment accounted for the largest share of the market, with 64% and a market revenue of 2.48 billion.
In 2022, the subsea segment accounted for the largest share of the market, with 46% and a market revenue of 1.78 billion.
The deployment type segment is divided into overhead, subsea, underground and combination. In 2022, the subsea segment accounted for the largest share of the market, with 46% and a market revenue of 1.78 billion.
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Advancement in Market
January 2023 - Invenergy has chosen Siemens Energy to provide high voltage direct current (HVDC) technology for the first stage of its USD 7 billion, 5 G.W. Grain Belt Express project in the U.S. It is the biggest capacity U.S. merchant wind transmission line currently under construction. Phase one includes a line that will go from southern Kansas, which has some of the strongest onshore wind resources in the nation, east to Missouri for 530 miles. Per a preferred supplier agreement, Siemens Energy will support the integrated final design of the HVDC converter stations in the Kansas and Missouri counties of Ford and Monroe.
Market Dynamics
Driver: The rising need for energy or electricity
Global population increase has resulted in rising utility demand, which essentially calls for power or energy in the form of electricity, light, heat, etc. Rapid urbanization has boosted demand for smarter houses and offices and improved urban mobility and quality of life; overall, all of which require enormous energy. Energy demand has been significantly increased by the industrialization of the modern world, which is driven by automation and digitization, whose fundamental building blocks are power in the form of chemical, electrical, and mechanical energy. The desire for smart devices, homes, and offices with cutting-edge technology has increased due to the population's improving living level, which has increased consumer energy use. Industrialization in underdeveloped countries will also result in increased energy demand. Furthermore, HVDC power transmission systems will be needed for government attempts to provide a last-mile power supply. Given its effectiveness over extended distances, lower tower required, and reduced power loss, HDVC power supply is chosen. These systems are dependable and give the operator more flexibility. The advantages of HVDC power supply will encourage its use in various economic sectors, fostering global market expansion.
Restraint: The design of the multi-dimensional HVDC nodes is intricate
To enable long-distance energy transfer with minimal power loss, the world's power distribution and transmission networks are moving towards high voltage direct current power supply systems. The requirement to use high voltage direct current power supply lines at a bigger scale and at a faster rate than expected by market participants has been made possible by the need to transport energy from offshore energy sources. Using the HVDC technology requires several different parts. Because of their intricate architecture, the systems are challenging to use. At multi-terminal HVDC power nodes, many changes, repairs, and replacements must be made to guarantee trouble-free energy transmission and prevent future issues. This advanced and intricate technology is occasionally incompatible with the existing power supply networks. Their integration may result in excessive overhead expenses and a lengthy procedure, which limits market expansion.
Opportunities: HVDC is ideal for transmitting renewable energy
Industry participants are developing novel devices, equipment, and parts that promote energy conservation to lessen power loss during energy transmission and distribution. The high voltage direct current power supply market will have a lot of potentials. It will present profitable market prospects for the industry participants, given its growing popularity in the renewable energy sector. Increased financing for developing superconducting technologies for lower emissions and more robust HVDC networks will also help the market expand. A drastic reduction in carbon emissions is urgently required due to the accelerated rate of climate change. Government efforts to create smart power networks and renewable energy sources have changed. The government's subsidies and incentives will promote the development and integration of intelligent and renewable energy transmission and distribution networks, which will also open up the lucrative potential for the market for high voltage direct current power supply.
Challenge: The strict rules set down by the government
Systems for high-voltage direct current power supplies enormous transport amounts of energy. Such a huge amount of energy could be detrimental if the proper safety measures aren't implemented. As a result, there are stringent protectionary regulations, laws, and standards that apply to the high-voltage direct current power supply sector. The power distribution and transmission market is authorized, supervised, and controlled by well-established, independent, and strong federal authorities under the national governments. The laws and regulations ensure end-user security and protect the interests of stakeholders. A strong regulatory framework likewise restrains the energy sector's exploitation. The regulatory bodies promote the transition to renewable energy sources, enforce laws limiting emissions, and ensure that market players follow the law. With such severe limitations, the market for high-voltage direct current power supplies may be restricted from growing.
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Some of the major players operating in the High-voltage direct current power supply market are:
• ABB Ltd.
• AHV
• American Power Design
• Excelitas Technologies Corporation
• General Electric
• Glassman Europe Ltd
• Hamamatsu
• Siemens AG
• Toshiba Group
• XP Power
Key Segments cover in the market:
By Application
• Telecommunication
• Medical
• Oil & Gas
• Industrial
• Others
By Technology
• Line Commutated Converters
• Voltage Source Converters
• Capacitor Commentated Converters
By Voltage
• Less Than 1000 V
• 1000V-4000V
• More Than 4000V
By Deployment Type
• Overhead
• Subsea
• Underground
• Combination
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical Insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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